216. Investigation of ownership of company
(1) Where it appears to the Central Government that there is a reason so to do, it
may appoint one or more inspectors to investigate and report on matters relating to the
company, and its membership for the purpose of determining the true persons—
(a) who are or have been financially interested in the success or failure, whether
real or apparent, of the company; or
(b) who are or have been able to control or to materially influence the policy of
the company.
(2) Without prejudice to its powers under sub-section (1), the Central Government
shall appoint one or more inspectors under that sub-section, if the Tribunal, in the course of
any proceeding before it, directs by an order that the affairs of the company ought to be
investigated as regards the membership of the company and other matters relating to the
company, for the purposes specified in sub-section (1).
(3) While appointing an inspector under sub-section (1), the Central Government may
define the scope of the investigation, whether as respects the matters or the period to which
it is to extend or otherwise, and in particular, may limit the investigation to matters connected
with particular shares or debentures.
(4) Subject to the terms of appointment of an inspector, his powers shall extend to the
investigation of any circumstances suggesting the existence of any arrangement or
understanding which, though not legally binding, is or was observed or is likely to be
observed in practice and which is relevant for the purposes of his investigation.